December 28, 2017

CFPB releases report on credit card market

The Consumer Financial Protection Bureau has released its biennial report on the state of the credit card market. According to the CFPB's release, the report found that the total amount of credit line, the number of accounts, the average amount of card debt, and enrollment in online services have all increased over the past several years.

The report also found that cardholders average fewer credit cards than before the recession and that more are signing up for secured cards requiring a cash deposit. In addition, the average debt of cardholding consumers overall has increased 9 percent over the last two years, according to the report.